6 Key Referral Strategies to Help Grow Your Real Estate Business

Real
May 25, 2023

Be the best in your market by dominating the referral sections of your real estate business.

Referrals are a powerful tool in the real estate industry, arguably the most powerful. Without them - you rely solely on marketing yourself. In an industry based on trust and respect, there is no better channel to hear it from than your own clients. 

As an agent, it's important to have a steady stream of referrals coming in to grow your business. Here are six ways to ensure your referrals come in organically, and frequently.

Bonus: if you want a free 1-hour Mastermind session with Real President Sharran Srivatsaa, make sure you drop your email to us below and we’ll send it right over to you. The session will take you deeper into six new strategies to build your business the right way. With that…let’s jump in.

Provide Excellent Customer Service

The foundation of any successful real estate business, or business in general - is excellent customer service. When you provide exceptional service to your clients, they're more likely to refer you to their friends and family. This means being responsive, knowledgeable, and always putting your clients' needs first. It sounds like a no-brainer, but it goes deeper than surface level politeness.

One way to provide excellent customer service is to keep in touch with your clients even after the transaction has closed. Send them occasional newsletters, birthday cards, or holiday greetings to remind them that you're still there for them. Additionally, you can request feedback from your clients to learn how you can improve your service in the future. People love having their voices heard.

Network with Other Professionals

Networking with other people in the real estate industry can be an effective way to generate referrals. This includes connecting with mortgage brokers, home inspectors, appraisers, and other real estate agents. By building relationships with these professionals, you can create a referral network that can help you generate new business. While it may seem like you’re on your own out there - dozens of people are rooting for you and can help you build an effective pipeline. At the Real Brokerage, your community is your value - and helping each other grow is a core fundamental practice of our business.

To network effectively, attend local real estate events and conferences, participate in online forums and discussion groups, and seek out opportunities to collaborate with other professionals. By building relationships with other professionals in the industry, you can increase your visibility and credibility, and ultimately generate more referrals.

Leverage Social Media

Social media platforms like Instagram, Twitter, and LinkedIn can be powerful tools for generating referrals. By sharing your expertise and knowledge about the real estate industry, you can establish yourself as a thought leader and build trust with your followers. This can help you generate more referrals as people turn to you for advice and recommendations.

To leverage social media effectively, create a strong presence on these platforms by sharing valuable content, engaging with your followers, and building relationships with other professionals in the industry. You can also create social media ads targeting specific audiences to generate more leads and referrals. Our top tip is to use short-form video to really engage your audience. With an average attention span of less than eight seconds, the modern-day viewer needs to be informed and educated at the speed of lightning. 

Offer Incentives

Offering incentives to your clients can be an effective way to generate more referrals. This could include offering a discount on your services or providing a gift card for a local restaurant or retailer. By offering an incentive, you create additional reasons for your clients to refer you to their friends and family.

To offer incentives effectively, make sure they're compelling enough to motivate your clients to refer you. You should also communicate the incentive clearly to your clients so they know what they can expect. For most, a $5 gift card won’t do it. Think - if they refer you to a client that ends up using you to sell their home, what is that worth to you? Not to mention the referrals you may get from that referral. It’s a continuous web of networking that never ends - so make it worth their while. 

Host Events

Hosting events can be an effective way to generate referrals and build relationships with potential clients. This could include hosting a first-time homebuyer seminar, a home improvement workshop, or a real estate investment seminar. By hosting these events, you can demonstrate your expertise and knowledge of the industry and build trust with your attendees. Sometimes it may not even need to be industry-focused. Many local realtors sponsor small business afternoons, or backyard BBQ’s. It can be anything you wish - just ensure your name is attached. 

Ask for Referrals

Finally, one of the most effective referral strategies is simply asking for referrals. Many real estate agents are hesitant to ask for referrals, but if you've provided excellent service to your clients, they'll likely be happy to refer you to their friends and family.

Asking for a referral may seem desperate, but it’s the opposite. Your clients want you to succeed so they can continue to benefit from your service and personality. Never fear asking for a connection here and there. Plus, if you’re offering incentives, it’s a bonus to lead with that!

If you want to learn six more unique strategies for generating referrals in our free 1-hour Mastermind session - drop your email below and we’ll see you on the big screen.